Superannuation 'Transfer balance' field has been added
The super 'Transfer balance' field has been added to Pathfinder. This field is required if an individual has started an account based pension and is used to ensure that the individual will not exceed the super transfer balance cap.
It is on the form for an Individual (at the Current situation step > Personal details (sub-step)).
This field will be available in all cases. If a case was created before this release (18 October 2017), next time you edit the case, if you need to update this field, you will see a message at the Results > Solve step.
Technical update - indexation of Age Pension and Family Tax Benefit values
In Pathfinder, the following values have been increased in accordance with legislation:
Age pension payments and thresholds
FTB-A and FTB-B payments and thresholds
These changes will apply to all cases.
Update to Optimo default assumptions
The default Optimo assumptions for returns and fees for Shares/Managed funds and investment options inside super have been updated. To see the latest Pathfinder values, see Optimo Financial Default Assumptions.
These changes will apply to all cases created on or after 18 October 2017 that use the Optimo defaults. If your organsiation has its own assumptions, they will remain unchanged.
Small change to Insurance bonds
The 'Type' field for Insurance bonds will now only have one option called 'Insurance Bond' and you should ensure that the 'Investment return' field has an after-tax value (there will be a reminder on the field's help text).
This will only affect cases created after this release (18 October 2017). If you created a case before this date that used an Insurance Bond type that has since been removed, it will be unaffected.
This change was made to prepare for adding Insurance Bonds to the websolve, which is planned for a later release.
Notes for existing users
If you started a case before 18th October, and then return to it after 18th October, then a few things to note are:
If you will add more scenarios for comparison, click 'Solve' again for your older scenarios. This will ensure that they are using comparable calculations and assumptions.
You may need to fill in the 'Transfer balance' field based on other data you have entered (e.g. funds in the pension phase). If so, you will get a message at the Solve step.
If you created a case before 18th October, it will continue to use the previous Optimo default assumptions. If you would like to change this, please Contact Optimo Financial